Anglo Pacific on track for record year of revenue
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UK-based miner Anglo Pacific said that it was on for another record year of revenue, as increases in volumes underpinning the company’s royalties offset lower commodity prices.
Over the first nine months of the year the company enjoyed a 40 per cent increase in portfolio contribution, growing to £46m from £33.1m in the same period in 2018.
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Although income at the miner’s Queensland Kestrel project fell 4 per cent, plans to increase the coal mine’s volume 40 per cent were proceeding as planned.
The group also announced that it had completed $75m of acquisitions so far in 2019, all of which had been financed from the company’s balance sheet.
The company’s flagship purchase was $50m Mantos Blancos copper-silver mine in Chile, Anglo Pacific’s first foray into a producing copper project.
In all, the company has spent $125m on acquisitions in the last 18 months without raising equity.
Chief executive Julian Treger said: “With the income we have earned year to date, along with our expectation for strong volumes to come in the fourth quarter, we would expect 2019 to be another record year of revenue for the Group.
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“With $75m of acquisitions year to date, 2019 will be a record year of investment for Anglo Pacific. This is very much in line with our objectives at the beginning of the year to continue and accelerate our level of growth.”
He added that continued economic uncertainty brought on by the ongoing US-China tensions would continue to provide investment opportunities for the company.
Main image credit: Getty